Private sector key to AfCFTA success and Africa’s recovery from COVID-19
The African Continental Free Trade Area (AfCFTA) can help drive the continent’s economic recovery from the deadly coronavirus pandemic and spur transformation, says Economic Commission for Africa’s (ECA) Regional Integration and Trade Division Director, Stephen Karingi. In remarks during the 6 PIDA Week, the ECA Director said given that Africa does not have the fiscal space for trillion-dollar stimulus packages as it attempts to ‘build forward better’ from the impact of COVID-19, the AfCFTA, driven by the private sector, was going to be key in unlocking Africa’s potential. Results from the liberalization of trade in goods alone under the AfCFTA reform show that Africa's global GDP and exports would increase. Overall, Africa’s GDP is forecasted to increase between US$28 and US$44 billion after full implementation in 2040, as compared to a baseline without tariff liberalization. “Integration policies should lead to convergence of incomes, and our findings are an important result,” said Mr. Karingi, emphasizing the findings, focusing on the sole liberalization of trade in goods, offered only a partial view of the economic impacts to be expected from the AfCFTA. The AfCFTA Agreement instructs State Parties to liberalize trade in services, remove some of the non-tariff barriers (NTBs), along with adoption of trade facilitation measures. “The COVID19 pandemic has demonstrated the importance of efficient services, including those that are digitally delivered.”
| Format: | Press release biblioteca |
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| Language: | eng |
| Published: |
2021-01
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| Online Access: | https://hdl.handle.net/10855/45513 |
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